CIS makes managers socially accountableJuly 2001
A leading UK insurer is to include a ‘social accountability dimension’ in the job descriptions of all its managers.
The decision by Co-operative Insurance Services (CIS) comes after the company found that 51 per cent of 2,900 staff who responded to a survey believed their line manager was not a strong supporter of the CIS programme of social values.
In its second social report, CIS says it will also review its internal communication strategy ‘in order to ensure that there is ample opportunity for dialogue with employees’ on corporate social responsibility issues. The company has increased its commitment to CSR over the past two years and now runs a ‘Responsible Shareholding’ programme that aims to introduce socially responsible investment principles into the $36billion (£26bn) portfolio under CIS management.
It says it will produce regular briefings for customers, containing case studies of where CIS lobbying under the programme ‘has been followed by positive action’ from companies in which it invests.
CIS claims to have influenced BSkyB to appoint independent non-executive directors last November, and also Allied Domecq, which earlier this year revised executive pay packages to take better account of company performance.
The social report, which was audited by KPMG, shows that $825,000 was spent on community involvement during 2000 – with $627,000 of that in cash donations, $41,000 in employees’ time and $157,000 of in-kind donations.
CIS is the only UK insurer to produce a social report.
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